Realty World – Viking Realty

Simple and affordable do-it-yourself projects can greatly increase a home’s resale value, according to HomeGains annual home improvement and staging survey.  The marketing company surveyed nearly 600 real estate professionals to discover which DIY home improvement projects five sellers the biggest return for their buck.
Here are the six projects under $1,000 (approx.) that made the list. 

Cleaning and decluttering.   Remove any personal items, unclutter countertops, organize closets and make the home sparkling clean.
Brightening.  Clean all windows inside and out, replace old curtains, update lighting fixtures, and remove anything that blocks light from the windows.
Smart staging.  Rearrange furniture, bring in new accessories and furnishings to enhance rooms, incorporate artwork, and play soft music in the background.
Landscaping enhancements.  Punch up the home’s curb appeal in the front and back yards by adding bark mulch, bushes, and flowers and ensuring current plants and grass are well-cared and manicured.
Repairing electrical or plumbing.  Fix leaks under the sinks, remove any mildew stains, and ensure all plumbing is in good working condition.
Replacing or shampooing dirty carpets.  Steam-clean carpets, replace any worn carpets, and repair any floor creaks.

 
Excerpted from HomeGains 2011 Home Sale Maximizer Survey
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There may be some good news on the jobs front, which could give the housing market a boost.  Some employers plan to add new jobs in 2012, but many are waiting to see how the enconomy fares before ramping up their hiring plans, according to CareerBuilder’s annual job forecast.  Nearly onin four empoloyers (23%) say they plan to hire full-time, permanent workers in 2012, unchanged from a year ago.  Nearly six out of 10 (59%) expect no change i their staffing, while 7% say they plan to cut staff.
Compensation is also expected to increase in 2012 for both current staff and prospective employees.  Some 62% of employers plan to increase compensation for their existing employees, while 32% will offer higher starting salaries for new employees.  Professionals in sales (24%), information technology (20%), engineering (14%), and business development (14%) are expected to get the biggest pay increases.
great info. from March/April 2012  CRS magazine

Can’t afford a full kitchen makeover?  Sprucing up the cabinetry is an easy fix for a fraction of the cost.
There are two options:  replacing or refacing.  Refacing includes covering the existing cabinet doors and drawer fronts with wood or plastic veneer and replacing knobs and door hinges; replacing cabinets requires removing them entirely and starting from scratch.  So what’s best for your home?  Here are a few things to consider, according to HGTV.
First, check to see if the cabinets are structurally sound.  If you have problems opening the drawer, closing the doors, or if the cabinet’s interior isn’t as large as you need it to be, simple rejuvenating the look isn’t going to help in the long run.  Also consider the age of the cabinets: those make 20 to30 years ago were typically built using thicker wood and sturdier construction.  Such cabinets can often be refaced instead of replaced.
Next, consider how long you’ll remain in your home.  Replacing the cabinets will add to the home’s value and could be worth the extra money if your home will be on the market in the near future.  But for a potential buyer, a modern renewal of cabinets with an up-to-date look – might be enough, making refacing your cabinets a cost-effective, viable solution.  The typical cost of refacing with plastic veneer can cost up to about $3,000, while wood veneers can cost up to $7,000.  If you’re still considering the replacing, make sure you budget accordingly.  According to Costhelper.com, the cost of delivery and installation of new cabinets can cost at least $10,000.

Key points
• The new year is a great time to reevaluate where you stand financially.
• Consider these five resolutions to reshape your finances in 2012, including tips on budgeting, estate planning and more.
• Helpful information for everyone, regardless of age or income.
It wouldn’t be the new year without resolutions. But whether it’s trimming your waistline or firming your financial profile, the key isn’t making the list, it’s sticking with it! That’s particularly true now, given the recent bear market and economic downturn.
Here are five steps to get you started. You don’t have to do everything at once. Just get going. We believe that, as you move from one step to another, you’ll feel stronger—and closer to achieving your goals.
  Resolution No. 1: create a budget for life Financially speaking, life can be viewed as a series of cash inflows and outflows. Saving and investing during your working years should hopefully lead to a rising net worth over time, enabling you to achieve many of life’s most important goals, like funding your retirement. Creating your own budget and net worth statement can help you build your road map and stay on track, even during tough times.
  Resolution No. 2: manage your debt Debt is neither inherently good nor bad—it is simply a tool. For most people, some level of debt is a practical necessity. That said, problems arise when debt becomes the master of the borrower, not the other way around. Here’s how to stay in charge.
  Resolution No. 3: invest with a plan Getting better investment results are a goal we all share. But investing is a means to an end, not an end unto itself. So stay focused on your goals. Create a plan that will help you stay disciplined in all kinds of markets. Follow it and adjust it as needed.
  Resolution No. 4: prepare for the unexpected Risk is a fact of life. Your financial life can be upended by all kinds of nasty surprises—an illness, job loss, disability, death, natural disasters or lawsuits. If you don’t have enough assets to self-insure against major risks, resolve to get your insurance in shape.
  Resolution No. 5: protect your estate Without an estate plan, the fate of your assets or minor children may be decided by attorneys, government bureaucrats and tax agencies. Taxes and attorneys’ fees can eat away at your estate, and delay the distribution of assets just when your heirs need those most. Here’s how to protect your estate—and your loved ones.
Finally, remember you don’t have to do everything at once. Take one step at a time. Make some real progress on your journey in 2012.

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7 Financial Resolutions You Can Actually Keep (money.usnews.com)

According to the Wall Street Journal, affordable home prices and historically low interest rates have created an ideal situation for many qualified first-time home buyers to purchase a house.  Despite this opportunity, some buyers may be overconfident and make mistakes during the home-buying process.

MAKING SENSE OF THE STORY FOR CONSUMERS

Some first-time buyers are unaware of the vast amount of paperwork and negotiations that go into purchasing a home.  As a result, buyers may think they can save money by forgoing the use of a REALTOR®.  However, managing the nuances of offers, inspections, financing, and other pivotal steps when buying a home often causes confusion and anxiety for buyers.  Working with a REALTOR®–who is obligated to put the buyer’s best interests first–will help to alleviate buyer concerns during this process.

Online mortgage calculators can help buyers estimate the amount of house they can afford, but calculators should not be the sole source for mortgage-approval information.  Buyers are advised to meet with a mortgage broker or banker prior to beginning the home search to help determine the loan amount for which they are most likely to be approved.

Although there is a large selection of homes available for sale, home buyers should not assume they can make low offers or unreasonable demands.  Even in hard-hit housing markets, homes in desirable neighborhoods are receiving multiple offers.

To read the full story, please click here.

Yes, but no need to rush.  According to the Wall Street Journal, many housing economists have said that for borrowers with stable incomes, good credit history, and FICO scores of at least 620, now is an opportune time to purchase a home.  Although inventory rates are below the long-run average, there still are plenty of options available for buyers of high-end homes. Things to think about are as follows:

Closely-watched indices, including the Standard & Poor’s/Case Shiller Index, indicate that the high end of the market didn’t experience the same dramatic price appreciation as the low end. Home prices in this segment have not declined as steeply as homes in the mid- to low-end of the market.  Additionally, many discretionary sellers in the high end—those who do not have to sell their homes—are opting to wait until home prices rise before listing their homes for sale.
The high end of the market also is facing challenges with buyers qualifying for financing.  During the height of the market, many high-end home purchases were fueled by exotic mortgage products.  Now that those mortgages are no longer readily available, many lenders are requiring borrowers to provide proof of income, such as W-2s and recent paystubs, as well as demonstrate their ability to meet the monthly mortgage obligation.
To read the full story, please click here.